### Table 5d: Pre/Post GFC Split on r-g

| Period | Dependent Var | Z₁ Coefficient (p-value) | N | Countries | R² |
|:--|--:|--:|--:|--:|--:|
| Pre-GFC (1990-2007) | Real r-g | +68.8 (0.0063)** | 1,561 | 127 | 0.077 |
| Pre-GFC (1990-2007) | Nominal r-g | -24.2 (0.4065) | 1,584 | 128 | 0.121 |
| Post-GFC (2010-2024) | Real r-g | +4.8 (0.8229) | 1,204 | 125 | 0.031 |
| Post-GFC (2010-2024) | Nominal r-g | +6.0 (0.7933) | 1,211 | 125 | 0.168 |

*Pre-GFC: 1990–2007. Post-GFC: 2010–2024. PanelGLS with AR(1).*
